Dr. Alan Krueger, Chairman of President Obama's Council of Economic Advisers, discusses the Administration's strategies for re-booting the economy and reversing the middle class jobs deficit."
Chrystia Freeland is editor of Thomson Reuters Digital. In this role, which she was promoted to in April, Freeland has editorial control of the company’s consumer online, mobile, and digital properties including Reuters.com and its global suite of websites, as well as the flagship NewsPro mobile news applications. Freeland joined the company as Reuters’s global editor-at-large in 2010. Previously, Freeland served as US managing editor of the Financial Times, where she led the editorial development of the paper’s US edition and of US news on FT.com. During this time,the US print edition became the single largest edition of the newspaper. From 1999 to 2001, Freeland served as deputy editor of The Globe and Mail, Canada’s national newspaper. Freeland authored Sale of a Century, an account of Russia’s journey from communism to capitalism. She won the Business Journalist of the Year Award in 2004.
Dr. Alan Krueger
Dr. Alan B. Krueger is the chairman of President Barack Obama’s Council of Economic Advisers and a member of the Cabinet. Previously, Dr. Krueger served in the Obama Administration as assistant secretary for economic policy and chief economist at the U.S. Department of the Treasury.
He is currently on leave from Princeton University, where he is the Bendheim professor of Economics and Public Affairs. In 1994-95, Dr. Krueger served as chief economist at the U.S. Department of Labor.
He has been a research associate of the National Bureau of Economic Research, a member of the editorial board of Science, and has served as chief economist for the Council for Economic Education.
Prior to assuming his current position, Dr. Krueger was a member of the Board of Directors of the MacArthur Foundation and the Center for Economic Research and Graduate Education at Charles University in the Czech Republic, and a senior scientist for the Gallup Organization. Dr. Krueger received a B.S. degree, with honors, from Cornell University’s School of Industrial & Labor Relations in 1983, an A.M. in Economics from Harvard University in 1985, and a Ph.D. in Economics from Harvard University in 1987.
Alan B. Krueger, chairman of President Barack Obama’s Council of Economic Advisers, argues that the middle class is the largest driver of the U.S. economy. While the top 1% of wage earners control most of the nation's wealth, they often sit on the sidelines regarding consumer spending.
Chrystia was more balanced in this interview than in past interviews I have seen her conduct. Either her firm political convictions have changed or she left them at home that day.
It must be terrible for an honest person to be a presidential advisor. Alan Krueger had to perform a sales function that he did not seem to relish completely.
On the big issue: the administration apparently is not ready to level with the American people on what it will take to restore balance to this economy in the long haul.
The reason job growth is so slow is that people's wages are above market clearing levels. An unpleasant conclusion, I know.
As Mr. Krueger accepts, I am reasonably sure, full employment requires lower wages or higher productivity.
The global labor market has become highly competitive and is only going to become moreso. That is good for the "have lesses" of the world. But it is tough on Americans that are not globally competitive.
Education is a key to productivity gains, and Mr Krueger emphasized education in his remarks. Unfortunately the Obama administration is stymied by education reform.
Relative to other countries, if productivity doesn't rise, US living standards will necessarily fall.
That's enough to get a messenger shot.